BlackRock Inc., the world's biggest exchange-traded fund issuer, will extend its "build ETFs" range in Europe with a Nasdaq 100 strategy excluding the top 30 names in the popular index.
The iShares NASDAQ 100 ex-Top 30 UCITS ETF is domiciled in Ireland, with listings on exchanges in Europe subject to the timing of country registrations.
The ETF will track the Nasdaq-100 ex-Top 30 index, excluding the largest constituents of the parent index comprising non-financial companies listed on the Nasdaq Stock Exchange.
Crucially, the exclusions list includes ‘magnificent seven’ mega cap stocks, meaning the ex-top 30 ETF awards its top weightings to the likes of Micron Technologies, Gilead Sciences, Starbucks, PayPal, CrowdStrike, and Intel. Investors won't be exposed to companies like Nvidia and Tesla, which made up much of the Nasdaq's 36% gain this past year, as measured by the Fidelity NASDAQ Composite Index ETF (ONEQ) .
The product will mirror a U.S.-listed equivalent which carries a fee of 0.20% and has gathered $15m assets under management since launching on 23 October.
iShares' Recent S&P 500 ETF Launch
Its arrival comes shortly after the world’s largest asset manager debuted the iShares S&P 500 Top 20 UCITS ETF (SP20) on the London Stock Exchange, with rival Amundi launching the Amundi MSCI USA Mega Cap UCITS ETF (MEGA) and Amundi MSCI USA Ex Mega Cap UCITS ETF (XMGA) a fortnight later.
The incoming Nasdaq ex-top 30 ETF and SP20 mark European equivalents of BlackRock’s U.S.-listed "build ETFs range," which also features Nasdaq top 30 and S&P 100 strategies.
New York-based BlackRock's iShares unit manages $3.01 trillion in 414 exchange-traded funds issued in the U.S., as well as dozens of European-listed funds. Its largest U.S. fund is the $559.6 billion iShares Core S&P 500 ETF (IVV) , which ranks as the third-largest U.S. ETF. It's gained 28% this year.
This article was originally published on our sister site, etfstream.com.
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